Here at Xplore Life Science, we like to keep ahead of the curve when it comes to the life sciences industry. It’s in our name, after all. By doing this, we can keep up to date with the newest jobs and technological innovations.
One thing on our mind at the moment is the level of disruption in the industry. The life sciences market is facing disruption through a shift toward outcome-based methods of funding, patient empowerment, regulatory complexity, competitors, and simply disruptive new technology in general.
The standard model for life science companies is no longer suitable, and we’re here to talk you through what you need to know for the future.
The medical science advances, along with an aging and growing population, mean an increase in the need for global health resources. This demand will clash with budgets, however, and payers and governments will be reluctant to pay up. This is why health outcomes need to be improved – there will need to be a reduction in mortality and morbidity and enhanced efficiency of the care pathway.
Pharmaceutical companies will actually be paid for the health outcomes, and not for their products. This will bring a lot more pressure on these pharma companies for pricing that is value-based, and also to pay for innovative solutions and performance that is backed by the data to show the delivered value.
Power to payers and patients
The balance of power has shifted towards payers, who, along with governments, now influence what physicians are allowed and not allowed to prescribe. New digital technology has provided payers with the outcome data that they can now use to decide the best types of medical practice.
Treatment protocols authorised by payers have now started to slowly replace individual treatment decisions. Patients are now becoming stakeholders, who are able to take control of their health through digital technology.
Groups for patient advocacy now take roles in influencing policies about health discussions. Safety and efficacy are no longer enough – patients want health solutions that are tailored to them.
The life science industry has traditionally been in control and pushed out products, but the power of patients and payers will force the industry to change their approach. Pharmaceutical companies will have to start from the view of stakeholders, which includes patients and payers.
They will have to identify their needs that are unmet and also their value drivers. Then they will have to develop high-value propositions, service offerings, and new ways of engagement, all to deliver greater levels of value.
The role of digitalisation
The advances in digital technology will be a large contributor to the changes in the life science sector. New technology will provide real-time access to data on health and analytics for processing healthcare data, which will enable advances in diagnostics and monitoring to make healthcare more personalised.
These changes will enable the transformation into an outcome-driven healthcare sector. The technology will drive consumerisation of care, as it will empower patients by giving them access to health data and information. It will open up a variety of information channels that are all independent, such as online communities that share patient experience, and also apps that can monitor therapy impact.
Disruptive technology and seminal therapies
A plethora of disruptive and promising technologies are coming to the life science industry, such as nanotechnology, 3D printing, predictive analytics, and bionics. There will also be new treatments like genetics and stem cell therapies, as well as cellular programming.
These huge advances will profoundly enhance patient care. They will push the shift from treatment of symptoms to a predictive diagnostic, and prevention and cures.
The rapidly changing world has impacted the structure of the life science industry. There are new challenges to cope with. To survive in the new landscape, leaders need to think about their goals and future models for business. This will include new types of technology and more.
As a recruitment company, we like to keep in close contact with organisations in the life sciences industry. If you have questions or comments about this article or about what we do, don’t hesitate to get in touch – we would be glad to hear from you. If you’re looking for a job in the life sciences sector, we can help with that as well.
Give us a call, apply for one of our jobs, or send us your CV, and we’ll take it from there.